Financial Performance
JSW Cement Limited reported consolidated revenue of ₹6,512.46 crore for FY 2025-26, representing 12.0% YoY growth from ₹5,813.07 crore in FY25. Operating EBITDA surged 43.6% to ₹1,240.28 crore with margins expanding to 19.0% from 14.9% previously. However, the company reported a net loss of ₹798.78 crore primarily due to exceptional items totaling ₹1,504.48 crore, including a ₹1,466.38 crore valuation impact from the conversion of 160 million Compulsorily Convertible Preference Shares into 235.66 million equity shares. Excluding exceptional items, adjusted PAT stood at ₹667.60 crore.
Operational Highlights
The company achieved total production of 13.58 MMT (9.7% growth) and sales of 13.96 MMT (10.6% growth), maintaining its leadership in GGBS with 84% market share. Installed grinding capacity expanded to 24.1 MTPA with the commissioning of the Nagaur integrated plant in Rajasthan (3.30 MTPA clinker, 2.50 MTPA cement grinding) and Sambalpur grinding unit in Odisha (1.0 MTPA). Capacity utilization stood at 64%, while the company achieved sustainability milestones including Scope 1+2 CO2 emission intensity of 269 kg/tcm, clinker factor of 51% (industry lowest), and 77% green products by volume.
IPO and Capital Structure
JSW Cement successfully completed its ₹3,600 crore IPO in August 2025, comprising a fresh issue of 108.84 million shares raising ₹1,600 crore and an offer for sale of 136.05 million shares. IPO proceeds were utilized for debt repayment (₹520 crore), Nagaur project capex (₹625.80 crore), and general corporate purposes. The conversion of 160 million CCPS into equity shares significantly impacted the capital structure, with net worth increasing 175.16% to ₹6,527.85 crore. Net debt stood at ₹3,635 crore with net debt-to-EBITDA at 2.72x.
Expansion and Outlook
The company outlined an expansion roadmap to reach 46.0 MTPA grinding capacity through planned projects including Nagaur additional 1.0 MTPA grinding (expected FY27), Vijayanagar expansion from 6.0 to 8.0 MTPA, Dolvi expansion from 4.5 to 8.5 MTPA, and a UAE grinding unit (1.65 MTPA, expected FY28). The board recommended a dividend of ₹0.50 per share for FY26, subject to shareholder approval at the 20th AGM scheduled for 31st July 2026.
Regulatory and Compliance Matters
The company adopted the new tax regime under Section 115BAA, resulting in a reduction of net deferred tax liabilities by ₹218.92 crore. However, it faces contingent liabilities of ₹137.76 crore from GST disputes with West Bengal authorities. Credit ratings were upgraded to CRISIL AA/Stable and India Ratings A+/Stable, reflecting improved financial position post-IPO. The company maintained full compliance with SEBI Listing Regulations and corporate governance requirements.
Related Party Transactions and Subsidiaries
Significant transactions included purchases from related parties of ₹942.35 crore (mainly JSW Steel Limited), sales to related parties of ₹463.15 crore, and loans to subsidiaries including ₹805.46 crore to Shiva Cement Limited. The company operates through multiple subsidiaries including JSW Cement FZC (UAE), Shiva Cement Limited, and JSW Renewable Energy (Cement) Limited, with manufacturing facilities across 10 locations in India and UAE.